This becomes more complicated and will require lender cooperation.

Converting a detached garage into an Accessory Dwelling Unit (ADU) in Houston, Texas, requires a permit from the city.

Mortgage company may require the appraisal but what may happen is that you would have to fund 20% of appraised value plus the difference between the appraised value and sale price.

They all wanna get 3 done this year.Capital is a requirement, I know it is said that you can do this with other people's money and you can but Capital is still a requirement. 

The plan itself is a trust and there is no requirement for a 3rd party custodian as there is with an IRA.   

Another possible option would be to do a cash out refinance to get some of my rehab money out of the property and only leave my 10-20% downpayment (whatever the HML lender requires to purchase the property)I would love to know if this is possible or if there are any issue with the plan, especially in the refinancing into a primary portion. 

The law typically requires the PM to rekey the rental before a new occupant moves in.

I generally agree with @Russell Brazil and @Chris Seveney about written agreements, but there certainly are a growing number of cases (thanks to text messaging, etc.) where the signed writing requirement has been satisfied by conduct other than a signature on the _______________ line at the end of the agreement.Whether there was a binding contract formed in this instance would require an in depth review of the "contract" and all of the relevant communications surrounding it.

@Conte Cuttino our town had requirements you can see if yours does.

It is different with every lender, but most would require 6 months before you could refinance on the new, After Repair Value.